Meeting Minutes

FALMOUTH EDIC EXECUTIVE SESSION MEETING:  December 1, 2017

Falmouth Town Hall, Selectmens Meeting Room, 59 Town Hall Square,
Falmouth, MA 02540

PRESENT
Michael Galasso (C), Christopher Simmler (Ck), Christopher Langlais (T), Jim Fox, Brooks Bartlett

ABSENT
Susan Moran (VC), Christopher Land

10:12 am* MOTION: Galasso made a motion to move into Executive Session. Roll Call: Michael Galasso Aye, Christopher Simmler Aye, Christopher Langlais Aye, Jim Fox Aye, Brooks Bartlett Aye.

10:13 EDIC LAND, PARCEL 21, FALMOUTH TECHNOLOGY PARK – David Eldredge

  • Fox has been retained by Falmouth Aquatics to find space in Falmouth for their business development intent.

  • Working with David Eldredge, who represents an abutter to the EDIC lot, at (seller) at 19 Research Road.

  • Falmouth Aquatics (Fox client) has made an offer to David’s client, with a contingency that the EDIC will lease a portion of their land on Parcel 21 - the Water Tower lot.

  • Fox is working for gratis with Falmouth Aquatics in terms of the lease portion of the deal with the Falmouth EDIC.

  • Fox recused himself from the Falmouth EDIC Board discussion so there would not be a conflict of interest. Fox left the meeting room.

  • Eldredge advised that the Falmouth Aquatics is proposing a 99 lease with the Falmouth EDIC. They would be responsible for any costs associated with the development of the land and maintaining it. Lease payments proposed to the EDIC is $16,000 per year, with a CPI increase every 5 years.

  • Payment would start with passing of the property at 19 Research Road.

  • Falmouth Aquatics will not purchase 19 Research Rd. if they cannot obtain the lease with the Falmouth EDIC.

  • Conditions of the sale are limited, based on: inspections, financing, and a closing date within 9 months of acceptance of the offer.

  • The asking price for 19 Research Rd. is $495K for 4.5 acres. There is a 5,000 sq.ft. building on the lot. It is owned by Alex and Sarah Walsh.

  • Based on the conceptual plan Eldredge said it appears that the leased EDIC land would be for parking.

  • The parking lot would not encroach on the EDIC land easement.

  • Eldredge advised that the same owners as 19 Research Rd. own parcel 77 at 25 Research Rd. They may be interested in selling this lot. If parcels 77 and 76 and 18 were combined, it may be worthwhile to investigate with the Town of Falmouth to redevelop the land as a recreational area.

  • Galasso requested a formal Letter of Intent from Eldredge.

  • Eldredge advised the $16K a year lease rent was determined by a cap rate based on the value of the land - $200K - cap rate of 8% a year.

  • Discussion to be continue at the January 2018 board meeting.

10:30 ADJOURNMENT

A Motion was made by Galasso to adjourn the Executive session. Roll Call: Michael Galasso Aye, Christopher Simmler Aye, Christopher Langlais Aye, Jim Fox Aye, Brooks Bartlett Aye. All in favor. Motion passed.

NEXT MEETING – January 9, 2018, 8 am

 
 

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